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Building insurance – cause life ain’t always lucky

Tree in your living room, fire ripping through your kitchen. Unlucky, but it happens.

1 - 7 of 10
Name Product Finder score
Youi Building Insurance
4.5/5★★★★★
Best Rated Brand
Storm
Fire
Theft
Flood
Accidental Damage (e.g TV falls)
Impact to home (e.g falling trees)
Escaped water (e.g burst pipe)
Portable contents (e.g dropped laptop outside of home)
+ more insured events and other features
Storm
Fire
Theft
Flood
Accidental Damage (e.g TV falls)
Impact to home (e.g falling trees)
Escaped water (e.g burst pipe)
Portable contents (e.g dropped laptop outside of home)
+ more insured events and other features
4.5/5★★★★★
Our verdict: Finder’s 2022 Insurer of the Year for Customer Satisfaction and our Top Pick for Fire Damage cover. It’s good if you want a tailored quote over the phone.
Budget Direct Building Insurance
4/5★★★★★
Bonus
Storm
Fire
Theft
Flood
Accidental Damage (e.g TV falls)
Impact to home (e.g falling trees)
Escaped water (e.g burst pipe)
Portable contents (e.g dropped laptop outside of home)
+ more insured events and other features
Storm
Fire
Theft
Flood
Accidental Damage (e.g TV falls)
Impact to home (e.g falling trees)
Escaped water (e.g burst pipe)
Portable contents (e.g dropped laptop outside of home)
+ more insured events and other features
4/5★★★★★
Our verdict: The most popular insurer on Finder, Budget Direct prioritises low-cost cover and gives you 15% off your first year. You need to pay extra for flood cover and accidental damage.
QBE Home Insurance
3.5/5★★★★★
Green Company
Storm
Fire
Theft
Flood
Accidental Damage (e.g TV falls)
Impact to home (e.g falling trees)
Escaped water (e.g burst pipe)
Portable contents (e.g dropped laptop outside of home)
+ more insured events and other features
Storm
Fire
Theft
Flood
Accidental Damage (e.g TV falls)
Impact to home (e.g falling trees)
Escaped water (e.g burst pipe)
Portable contents (e.g dropped laptop outside of home)
+ more insured events and other features
3.5/5★★★★★
Our verdict: It covers essentials such as fire and theft plus comes with some good perks such as environmental upgrades and up to 10% off your first year.
Honey Home Insurance
4.5/5★★★★★
Storm
Fire
Theft
Flood
Accidental Damage (e.g TV falls)
Impact to home (e.g falling trees)
Escaped water (e.g burst pipe)
Portable contents (e.g dropped laptop outside of home)
+ more insured events and other features
Storm
Fire
Theft
Flood
Accidental Damage (e.g TV falls)
Impact to home (e.g falling trees)
Escaped water (e.g burst pipe)
Portable contents (e.g dropped laptop outside of home)
+ more insured events and other features
4.5/5★★★★★
Our verdict: Honey gives you $250 smart sensors to reduce accidents and estimates your rebuild costs for you. Honey was a finalist for the comprehensive category in this year’s Finder Awards.
Australia Post Home Insurance
3.5/5★★★★★
Storm
Fire
Theft
Flood
Accidental Damage (e.g TV falls)
Impact to home (e.g falling trees)
Escaped water (e.g burst pipe)
Portable contents (e.g dropped laptop outside of home)
+ more insured events and other features
Storm
Fire
Theft
Flood
Accidental Damage (e.g TV falls)
Impact to home (e.g falling trees)
Escaped water (e.g burst pipe)
Portable contents (e.g dropped laptop outside of home)
+ more insured events and other features
3.5/5★★★★★
Our verdict: Covers common claims such as fire, storms, floods and rain. It’s also very helpful if you need to rebuild following a disaster. It offers a special safeguard of up to 30%.
Kogan Home Insurance
3.5/5★★★★★
Bonus
Storm
Fire
Theft
Flood
Accidental Damage (e.g TV falls)
Impact to home (e.g falling trees)
Escaped water (e.g burst pipe)
Portable contents (e.g dropped laptop outside of home)
+ more insured events and other features
Storm
Fire
Theft
Flood
Accidental Damage (e.g TV falls)
Impact to home (e.g falling trees)
Escaped water (e.g burst pipe)
Portable contents (e.g dropped laptop outside of home)
+ more insured events and other features
3.5/5★★★★★
Our verdict: Good comprehensive cover (issued by QBE). Also, get a 6% discount off your first year plus $10 ongoing monthly credit. T&Cs apply.
Qantas Home Building Insurance
4/5★★★★★
Bonus
Storm
Fire
Theft
Flood
Accidental Damage (e.g TV falls)
Impact to home (e.g falling trees)
Escaped water (e.g burst pipe)
Portable contents (e.g dropped laptop outside of home)
+ more insured events and other features
Storm
Fire
Theft
Flood
Accidental Damage (e.g TV falls)
Impact to home (e.g falling trees)
Escaped water (e.g burst pipe)
Portable contents (e.g dropped laptop outside of home)
+ more insured events and other features
4/5★★★★★
Our verdict: Earn up to 30K Qantas Points for joining by 30 September. Plus save 30% on your 1st year’s premium for purchasing a combined home and contents policy online. T&Cs apply.
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Some people could save almost $2,000

For a house valued at $1 million, our research showed a difference of $1,996 between the cheapest and most expensive home insurance policy. Compare policies and see how much you can save.

Aaron McAllister

As someone building a house I can't stress enough making sure you get building insurance. The cost of materials has gone up significantly and big ticket items like retaining walls and driveways cost tens of thousands of dollars. I have peace of mind knowing that I'm covered for the investment.
— Aaron McAllister, utilities publisher

What do home building insurance policies cover?

Building insurance protects the physical structure of your property from financial loss. The policies are designed to cover your residential home, including flat units, townhouses, terrace houses and free-standing homes.

While building insurance policies can vary, they'll usually cover these parts of your home.

  • Garages and carports
  • Sheds
  • Fences, gates and outdoor walls
  • Decks, patios, pergolas and verandahs

When am I covered?

Insurers have a set of defined events where, if they occur, you should be covered. These include:

Flood Storms

Lightning Lightning

Fire Fire

Cyclone Cyclones

Padlock Theft and burglary

Spray paint Vandalism

Pipe leak Water damage/ escape of liquid

Impact damage Impact damage

How much does building insurance cost?

Well, we did some research and found that the cheapest policy was $101 a month.

Picture not described

Premium prices will change based on your individual circumstances, so while our research - from 17 home insurers, says the cheapest policy is $101, that was based on our criteria.

Make sure to get a quote (or multiple), so that you get the best value for your money.

Brand$500,000 Building - Monthly price$500,000 Building - Annual price$1,000,000 Building - Monthly price$1,000,000 Building - Annual priceGet quote
St. george logo$145.90$1,750.78$273.86$3,286.37
Picture not described$145.90$1,750.78$273.86$3,286.37
Everyday Insurance$122.41$1,311.43$203.04$2,175.42More info
Picture not described$123.84$1,230.13$201.92$2,010.95
Real insurance logo$116.69$1,250.23$193.58$2,074.03
Coles Insurance$101.10$1,125.62$174.18$1,981.97
Domain insure$120.97$1,451.69$159.77$1,917.18
GIO Logo$135.54$1,355.42$219.07$2,190.70
Picture not described$110.16$1,321.88$110.16$1,321.88
Budget Direct Logo$138.02$1,401.40$200.68$2,054.50
Picture not describedING Home Insurance Logo$139.22$1,434.56$202.18$2,057.17
Virginmoney logo$143.02$1,415.42$202.46$2,075.05
NRMA logo$113.11$1,300.21$136.30$1,578.56
Huddle home insurance$112.00$1,198.00$187.00$1,999.00
Qantas Life Insurance Logo$155.84$1,582.35$226.58$2,319.80
Australian seniors$103.73$1,111.32$172.07$1,843.59More info
Picture not described$113.06$1,221.05$154.02$1,663.41
Learn more about our methodology
  • Quotes were obtained for the same 3-bedroom NSW home in Baulkham Hills owned by a family of two.
  • Building replacement costs for all quotes were $500,000 and $1,000,000, with an excess of $500.
  • Contents were valued at $100,000.
  • Quotes were obtained in November 2021 and were for a combined home and contents insurance policy
  • Homeowning family of two who moved into their property in 2019.
  • Three bedroom, 1 story freestanding house on flat ground with brick veneer walls, terracotta tiled roof, no verandas and built in 1980.
  • Windows secured by deadlocks, with no security devices.

Home_Insurance_banner

Here's some policy wording explained

It's easy to get overwhelmed by a insurers product disclosure statement (PDS). We've explained a few insurance terms so you can understand your building insurance policy a bit better.

TermWhat it really means
Defined eventsThese are the events that your insurer will cover you for, if they occur. They'll be specified in your PDS. Common insured events that most policies cover include storms, fires and thefts.
Accidental damageAccidental damage is when something unexpected happens to your house or belongings that causes financial loss. This is usually offered as an optional add-on to your home insurance policy.
Sum insured amountThis is usually the value of your property, and the maximum payout you'll get from the insurer. You'll declare this amount to your insurer, and that's how much money you'll get back if you lose your property to an insured event (minus any excesses).
Safety netSome home insurers offer a buffer (safety net) if your sum insured amount isn't enough to cover the damages or losses to your home.
Total replacementSome home insurers offer to cover you for the total amount if you lose your home. It's a benefit only offered by a few insurers and can help you avoid underinsurance.

How much cover do I need?

Having the right level of protection in place can save you thousands of dollars in the long run. However, some estimates suggest that as many as 80% of Aussie's are under-insured. Whilst it may seem appealing to cut costs at first, the risk of not having enough cover in place is not worth it.

The building insurance policy you take out should cover the total replacement cost of your property, including other expenses which may arise such as temporary accommodation. If you're under-insured, you'll have to pay the gap between what your policy covers and the replacement cost for your building, which in many cases could be a substantial amount of money.

The building insurance policy you take out should cover the total replacement cost of your property, including other expenses which may arise such as temporary accommodation. If you're under-insured, you'll have to pay the gap between what your policy covers and the replacement cost for your building, which in many cases could be a substantial amount of money.

Don't forget these building insurance offers in July 2024

Buying your policy online can save you heaps. Here are some promotions available at the moment.

Deal

15% online discount on home insurance

Save 15% on your first year's premium when you purchase cover online. T&Cs apply.
Deal

10% off on your premium for the first year + $10 credit

Sign up online and get 6% off your policy for the first year plus $10 ongoing monthly credit. T&Cs apply.
Deal

Get 10% off your first years’ premium with QBE Building only Insurance

Discount is for new customers who sign up online. Terms and conditions apply.

Compare building insurance policies

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Frequently asked questions

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Picture: GettyImages

Gary Ross Hunter's headshot
Editor, Insurance & Innovations

Gary Ross Hunter was an editor at Finder, specialising in insurance. He’s been writing about life, travel, home, car, pet and health insurance for over 6 years and regularly appears as an insurance expert in publications including The Sydney Morning Herald, The Guardian and news.com.au. Gary holds a Kaplan Tier 2 General Advice General Insurance certification which meets the requirements of ASIC Regulatory Guide 146 (RG146). See full bio

Gary Ross's expertise
Gary Ross has written 731 Finder guides across topics including:
  • Health, home, life, car, pet and travel insurance
  • Managing the cost of living

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